The College was founded in 1956 through the munificence of Late Pt. Dwarika Prasad Dubey, who in the same year founded the DubeyShikshanSamiti which runs the C.M. Dubey Post Graduate College. The College was inaugurated by Pt. Dwarika Prasad Mishra the Vice Chancellor ofthe University of Sagar on 31st July, 1956. The object was to spread the benefits of sound education in this part of the country.
CM. Dubey College had started as a coeducational institution with only two Faculties Commerce and Arts. The Arts Faculty was only for girls students. It started in the year 1956 with only 63 students. Generous donations from the members of Dubey Family and others soon placed the college on a firm footing. With a band of devoted teachers, soon within a short span of three years, the college had its own building, the number of the students rose to 371 by 1958. By 1961 teaching in the Science faculty had started and the growth of the students and staff was rapid.
The College started imparting instruction up to the post graduate level in 1963 by opening PG. Classes in Commerce, English, Hindi and Sanskrit. It soon became a Constituent College of the Pt. Ravi Shankar University Raipur. The College was affiliated to C.G. University, Bilaspur from 1983 up to its up gradation as central university. Now it has become a part of New Bilaspur University, Bilaspur, from July 1,2012.